| Wall Street eases on IBM, Intel; Chesapeake slumps Posted:  NEW YORK (Reuters) - Stocks were lower on Wednesday after uninspiring earnings from IBM and Intel, while Chesapeake Energy slumped after a Reuters report highlighted large and unusual personal loans taken by its chief executive. International Business Machines Corp and Intel Corp were the biggest drags on the Dow. IBM missed its revenue forecast, while investors said Intel's results failed to make a "bull case" for the stock. The lackluster reports from the two technology heavyweights came at the start of what has been a strong earnings season. ...
|
| U.S. faces big tax, budget test at year end: Geithner Posted:  WASHINGTON (Reuters) - The government will face a major test on whether it has the capacity to govern when it faces big tax and budget decisions at the end of the year, U.S. Treasury Secretary Timothy Geithner said on Wednesday. Before 2013, the country will be forced to deal with the expiration of tax cuts that affect nearly all taxpayers, automatic budget cuts, as well as another debate over raising the country's debt limit. ...
|
| Warren Buffett has prostate cancer, sees no danger Posted:  (Reuters) - Berkshire Hathaway Inc Chief Executive Warren Buffett said he has stage 1 prostate cancer but his condition "is not remotely life-threatening or even debilitating in any meaningful way." Buffett, the world's third-richest man, will begin a two-month treatment consisting of daily radiation treatments starting in mid-July, he said in a statement on Tuesday. This will limit his ability to travel during that time, Buffett added. ...
|
| Chesapeake shares tumble 10 percent Posted: NEW YORK (Reuters) - Shares in Chesapeake Energy Corp fell 10 percent on Wednesday after a Reuters report that Chief Executive Aubrey McClendon had borrowed as much as $1.1 billion over the last three years against his stake in thousands of company wells. The stock dropped $1.94 to $17.18 in midday trade. Shares last traded at that level in July 2009. The volume of Chesapeake shares changing hands was more than double the 10-day moving average, and the stock was the most actively traded on the New York Stock Exchange. ... |
| Roche set to walk away from $6.8 billion Illumina bid Posted:  ZURICH/NEW YORK (Reuters) - Swiss drugmaker Roche said on Wednesday it would not extend a $6.8 billion hostile offer for genetic specialist Illumina as the U.S. group's shareholders blocked its move to appoint new directors. Roche, which is now set to walk away from its takeover target, said an offer above $51.00 per share would not be in the interests of its own shareholders. The tender offer for Illumina expires on Friday and Roche said it would not extend the bid as the U.S. firm's management had refused to engage in constructive dialogue. ...
|
| Exxon, Rosneft unveil $500 billion offshore venture Posted: MOSCOW (Reuters) - Oil major ExxonMobil and Russia's Rosneft unveiled an offshore exploration partnership on Wednesday that could invest upward of $500 billion in developing Russia's vast energy reserves in the Arctic and Black seas. Under the deal, signed in Moscow on Monday after nearly a year of talks, the partners will seek to develop three fields in the Arctic with recoverable hydrocarbon reserves estimated at 85 billion barrels in oil-equivalent terms. ... |
| Halliburton Q1 profits rise on strong North America sales Posted:  (Reuters) - Halliburton Co , the world's second-largest oilfield services company, on Wednesday reported higher quarterly profits as North American sales reached a record high, lifting its shares in premarket trading. First-quarter profit rose to $627 million, or 68 cents per share, from $511 million, or 56 cents per share, a year ago. Excluding one-time items such as a $300 million charge for estimated losses from the BP Plc Gulf of Mexico oil spill two years ago, Halliburton's earnings per share of 89 cents topped the average analyst estimate of 85 cents, according to Thomson Reuters ...
|
| BlackRock Q1 profit steady as ETFs draw billions Posted:  (Reuters) - BlackRock Inc , the world's largest asset manager, said first-quarter profits were steady, bolstered by strong inflows into its popular iShares exchange-traded fund business. But despite the inflows and booming equity markets during the first quarter, revenue at New York-based BlackRock declined $33 million, or 1 percent, to $2.2 billion, the firm said on Wednesday. Investors continued to favor the firm's indexed funds over actively managed accounts, which typically generate higher fees, though not necessarily higher profit margins. Shares of BlackRock, fell 2.4 percent to $196. ...
|
| RLPC-Glencore signs $6 billion merger loan: bankers Posted:  LONDON (Reuters) - Commodities trader Glencore signed a $6 billion syndicated loan backing its $90 billion merger with miner Xstrata on Tuesday after raising nearly $11 billion in syndication, banking sources said on Wednesday. The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley to show regulators that Glencore has enough working capital to fund the merger. The loan, which can only be drawn if the merger goes ahead, is new money for Glencore and additional exposure for its lenders, although Glencore is not expected to draw on the loan. ...
|
| Regulators pull back on swap dealer crackdown Posted: WASHINGTON (Reuters) - Regulators have tightened the group of market players that will be slapped with a pricey "swap dealer" tag, but left room to later adjust rules that are being finalized on Wednesday. The Commodity Futures Trading Commission and Securities and Exchange Commission held meetings to vote on rules that will determine which firms must register with regulators and back up their trades with more capital and collateral. The SEC voted 5-0 to approve their version of the joint rule on swap dealer definition. The CFTC is due to vote later on Wednesday. ... |
| Lingering customers just one hurdle for Starbucks China growth Posted:  LOS ANGELES/BEIJING (Reuters) - Starbucks Corp has ambitious expansion plans in China, but like any big new emerging market there are teething problems, not least of which is that customers love it so much they stay for hours and hours and sometimes don't even buy a drink. Chief executive Howard Schultz expects mainland China to overtake Canada as Starbucks' second-largest market by 2014 and some analysts believe it could one day rival the United States as the company's biggest market. "The No. ...
|
| American CEO quits Nippon Sheet after "disagreements" Posted:  TOKYO (Reuters) - The American president and chief executive of Nippon Sheet Glass Co Ltd quit the company after less than two years in the post following "fundamental disagreements" with the board over strategy, chairman Katsuji Fujimoto said on Wednesday. The resignation of Craig Naylor leaves Carlos Ghosn, the chief executive of Nissan Motor Co , as the only remaining non-Japanese CEO of a major Japanese manufacturer. Howard Stringer stepped aside as CEO of Sony Corp this month. ...
|
| Chesapeake shares down 3.8 percent in early trade Posted: NEW YORK (Reuters) - Shares in Chesapeake Energy Corp fell nearly 4 percent on Wednesday after a Reuters report that Chief Executive Aubrey McClendon had borrowed as much as $1.1 billion over the last three years against his stake in thousands of company wells. The stock dropped 3.8 percent to $18.39 in early trade. Through Tuesday, the stock had lost 14 percent this year. Companies involved in natural gas production have seen their shares hit recently as excess supply and warm weather undercut prices of the commodity. ... |
| Nestle near buying Pfizer's baby formula: sources Posted:  LONDON (Reuters) - Nestle , the world's biggest food group, is closing in on a deal to buy Pfizer's infant nutrition business for up to $10 billion to boost its business in China and extend its lead in the world of formula milk for babies, sources familiar with the matter said on Wednesday. "Nestle is in the lead position and is closing in on a deal which we expect soon," said one source. Another source said the business would fetch $9-$10 billion and expected a deal by the end of the April. ...
|
| Exclusive: Chesapeake CEO took out $1.1 billion in unreported loans Posted:  HOUSTON (Reuters) - Aubrey McClendon, the CEO of Chesapeake Energy Corp, has borrowed as much as $1.1 billion over the last three years against his stake in thousands of company wells - a move that analysts, academics and attorneys who reviewed loan documents say raises the potential for conflicts of interest. The loans, which haven't been previously detailed to shareholders, are used to fund McClendon's operating costs for an unusual corporate perk that offers him a chance to invest in a 2.5 percent interest in every well the company drills. McClendon in turn is using the 2. ...
|
| IMF can raise funds quickly for crises: Geithner Posted: WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday the International Monetary Fund was in a position to raise a substantial amount of capital quickly but that it should not substitute for a forceful response by Europe to its debt crisis. "The IMF is in a very good position ... to demonstrate to the world that ... it has the ability to raise additional finance from other countries very, very quickly if it needs to do that," Geithner said at the Brookings Institution. ... |
| Warren Buffett has prostate cancer, sees no danger Posted:  (Reuters) - Berkshire Hathaway Inc Chief Executive Warren Buffett said he has stage 1 prostate cancer but his condition "is not remotely life-threatening or even debilitating in any meaningful way." Buffett, the world's third-richest man, will begin a two-month treatment consisting of daily radiation treatments starting in mid-July, he said in a statement on Tuesday. This will limit his ability to travel during that time, Buffett added. ...
|
| Stocks down, safe-havens in play as Europe fears return Posted:  NEW YORK (Reuters) - Stocks fell at Wednesday's open, retreating from their biggest rally in a month in the previous session, while yields on Treasuries held steady as fears of a resurgence in the euro zone debt crisis boosted demand for safe-havens. Oil prices fell, with London's benchmark Brent crude falling nearly 1 percent to trade below $118 a barrel on concerns that uncertainties in the global economic recovery would weigh on demand for energy. ...
|
| Apple investors brace for more turbulence Posted:  SAN FRANCISCO (Reuters) - Apple Inc's results will be dissected more closely than ever next week, after a share swoon raised concerns on Wall Street that the stock's gravity-defying rally may be losing steam. Five straight days of stock losses for the world's most valuable company sparked fears it had ventured into dreaded bubble territory and was overdue for a strong pullback. Shares reversed course on Tuesday, gaining 5 percent. ...
|
| "Not if, but when" for Spanish bailout, experts believe Posted:  BRUSSELS (Reuters) - Economic experts watching Spain don't know how much money will be needed or precisely when, but some are near certain that Madrid will eventually seek a multi-billion euro bailout for its banks, and perhaps even for the state itself. Prime Minister Mariano Rajoy has repeatedly said Spain doesn't need or want an international bailout, and the European Union, which along with the IMF has already rescued Greece, Ireland and Portugal, also dismisses such talk. ...
|
| News Corp to act on U.S. ownership rule breach: WSJ Posted:  (Reuters) - News Corp is expected to suspend half the voting rights of its non-American shareholders to comply with a U.S. law that limits foreign ownership, after the company found it had breached the rule, Wall Street Journal reported, citing people familiar with the situation. During a company review, News Corp found voting stock held by foreign investors had risen above the 25 percent limit set by the Communications Act of 1934, the paper said. To deal with the breach, the media company will suspend 50 percent of the voting rights of B class voting shares held by non-American shareholders. ...
|
| Stock index futures point to lower open Posted:  (Reuters) - Stock index futures pointed to a slightly lower open on Wall Street on Wednesday, with futures for the S&P 500, Dow Jones and Nasdaq 100 down between 0.1 percent and 0.2 percent at 6:47 a.m. EDT (1047 GMT). European shares drifted lower as losses in utilities, led by Iberdrola after ACS sold a stake, outweighed strength in miners spurred by a BHP Billiton production report. ...
|
| Citigroup loses advisory vote on executive compensation Posted:  DALLAS (Reuters) - Citigroup Inc shareholders gave a vote of no confidence to the bank's executive compensation plan on Tuesday, dealing a surprise embarrassment to Chief Executive Vikram Pandit. Only 45 percent of shareholders endorsed the pay plan in an advisory vote required under the Dodd-Frank law, Michael Helfer, general counsel and corporate secretary, said at Citi's annual meeting, citing preliminary vote totals. Citigroup may have upset shareholders by increasing Pandit's pay to $14. ...
|
| Analysis: Spluttering economies to curtail earnings horizon Posted:  LONDON (Reuters) - Exuberant global markets have taken a reality check this month on chronic U.S., Chinese and European growth concerns, and investors should hold companies' relatively rosy profit outlooks up for scrutiny too. "Cheap" valuations based on historical price/earnings ratios have kept many investors bullish on world equities over the past three years despite what now appears to be routine economic disappointment and seemingly shorter business and profit cycles. ...
|
| MF Global trustee Freeh to testify at Senate hearing Posted:  (Reuters) - Former customers of MF Global , waiting for the return of as much as $1.6 billion missing from their accounts, will get their first chance next week to hear testimony from Louis Freeh, the embattled trustee for the bankrupt commodities firm. Freeh, who has come under fire for the way he has managed the assets of MF Global's bankrupt parent company, will testify on April 24 before the Senate Banking Committee, according to an announcement from the committee on Tuesday. ...
|
| Lingering customers just one hurdle as Starbucks eyes China growth Posted:  LOS ANGELES/BEIJING (Reuters) - Starbucks Corp is on the rise in China with ambitious expansion plans but like any big new emerging market there are teething problems, not least of which is that customers love it so much, they stay for hours and hours and sometimes don't even buy a drink. Chief Executive Howard Schultz expects mainland China to overtake Canada as Starbucks' second-largest market by 2014 and some analysts believe it could one day rival the United States as the company's biggest market. "For a decade the core business was expats and tourists. ...
|
| Malaysia economy "turns the corner"; fiscal reform to be gradual Posted:  PUTRAJAYA, Malaysia (Reuters) - Malaysia's economy has passed the turning point in its drive to reach high-income status by 2020, the head of the government's economic performance agency said, but politically sensitive fiscal reforms will only be pushed through gradually. Idris Jala, the colorful chief of the 16-month-old Economic Transformation Programme, said that a 19 percent jump in private investment last year was among clear signs that the plan to double per-capita income to $15,000 was paying off. ...
|
| HSBC launching London's first offshore yuan bond: IFR Posted:  HONG KONG/SHANGHAI (Reuters) - HSBC Holdings PLC plans to issue a yuan-denominated bond in London on Wednesday, the first such issue in the city, marking a milestone in London's efforts to become a centre for offshore yuan trading alongside Hong Kong. HSBC has released guidance for the three-year bond at 3.00-3.25 percent, IFR, a Thomson Reuters publication, reported on Wednesday, citing a term sheet. The term sheet said the issue was a benchmark deal, implying it is worth at least 500 million yuan ($79.4 million). ...
|
| Bank of Japan deputy signals further easing as rate review nears Posted: OKAYAMA, Japan (Reuters) - The Bank of Japan is ready to implement additional monetary easing as necessary to help the economy recover and escape deflation, a deputy governor said on Wednesday, giving the strongest signal for further stimulus since its surprise February action. Kiyohiko Nishimura, speaking nine days before the BOJ's rate review, also said global uncertainties such as the unresolved debt crisis in Europe are the BOJ's prime concern as it examines its projection for a gradual recovery in the domestic economy. ... |
| Stocks head lower in US a day after big gains Posted:  Stocks are down as investors continue to worry about Europe.
|
| Exxon, Rosneft eye $500BN joint investment in oil Posted:  ExxonMobil and Rosneft, the U.S. and Russian oil giants, said Wednesday they could invest over $500 billion in a joint venture that would explore for and produce oil in the Arctic and the Black Sea.
|
| Recruitment by for-profit colleges targeted Posted: Two senators say for-profit colleges are using too much taxpayer money to recruit students. |
| Halliburton 1Q income rises 23 pct Posted: Halliburton Co. said Wednesday its first-quarter profit increased 22.7 percent as the oil industry aggressively searched for new oil fields in North America. |
| Oil prices fall on growing US supply Posted: Oil prices dropped Wednesday after the government said U.S. supplies grew more than expected last week. |
| Google CEO Page returns to stand in Oracle trial Posted:  Google CEO Larry Page returned to the witness stand Wednesday in Oracle's patent and copyright case against the Internet search leader over its popular Android operating system for phones and tablet computers.
|
| Inventions go on display at Geneva fair Posted:  A handsfree umbrella, parachutes for airplanes and other quirky inventions went on display Wednesday at the opening of the world's biggest fair for new gadgets.
|
| Roche to end bid to buy diagnostics firm Illumina Posted: Swiss drugmaker Roche Holding AG will end its offer to acquire U.S. diagnostics firm Illumina Inc. for about $6.5 billion after forecasting that Illumina shareholders will reject its dissident slate of directors. |
| Food stamps, federal pensions face GOP cuts Posted:  Republicans controlling the House are targeting food stamps, federal employee pensions, tax breaks for illegal immigrants and subsidies under President Barack Obama's health care law in a multifaceted drive to swap cuts to domestic programs for big Pentagon cuts scheduled next year.
|
| Verizon to auction spectrum worth billions Posted: Verizon Wireless says it will auction the rights to use some radio frequencies, which could be worth billions of dollars. |
No comments:
Post a Comment